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Staples and Essendant announced that, pursuant to the Merger Agreement, Egg Merger Sub Inc., affiliates of Staples, have extended the expiration time of the previously announced tender offer for all outstanding shares of Essendant's common stock to 5:00 p.m., New York City time, on November 12, 2018, unless the tender offer is further extended in accordance with the Agreement and Plan of Merger, dated as of September 14, 2018, by and among Essendant, Staples, Egg Parent and Egg Merger Sub. The tender offer was previously scheduled to expire at 5:00 p.m., New York City time, on November 5, 2018. The tender offer is being made pursuant to the Merger Agreement. Egg Merger Sub and Egg Parent expect the tender offer will be consummated promptly following the expiration time, subject to the satisfaction of the remaining closing conditions.

ESNDEssendant

$12.71

-0.01 (-0.08%)

05/02/18

SIDC

05/02/18UPGRADESIDCBuy

Essendant upgraded to Buy from Neutral at Sidoti

05/02/18

SIDC

05/02/18UPGRADETarget $10SIDCBuy

Follow-up: Essendant upgraded to Buy on valuation at Sidoti

As previously reported, Sidoti upgraded Essendant to Buy from Neutral and maintained a $10 price target. Analyst Christopher McGinnis said shares are off 22% since Q1 results and views risk/reward as compelling.

Jefferies analyst Randal Konik upgraded Planet Fitness (PLNT) to Buy from Hold and raised his price target for the shares to $75 from $49. The stock closed yesterday at $58.25. Planet Fitness is a platform for consumer aggregation "with tenets that resemble Amazon's successful model," Konik tells investors in a research note. Amazon.com's (AMZN) growth benefits from the shift to online consumption while Planet Fitness benefits from a growing wellness trend, contends the analyst. He calls Planet Fitness a platform, not a gym, and recommends looking at the company "through an Amazon prism." Planet Fitness' "attractive" pricing architecture, "large and growing" unit presence, advertising flywheel, expanding affinity network, and enhanced digital strategies "reduce frictional points with consumers, drive engagement, and widen the company's moat," Konik argues. He believes the company's valuation is justified with other platforms such as Amazon and Netflix (NFLX).